Chapter 9 - Lecture Summary Flashcards
1
Q
John D. Rockefeller
A
His Standard Oil influenced modern banking and finance.
2
Q
JP Morgan
A
Stabilized the banking system during the 1907 Panic.
3
Q
Fiat Money
A
Currency not backed by a commodity but by government declaration
4
Q
Federal Reserve Act (1913)
A
Established the U.S. Federal Reserve to stabilize the economy.
5
Q
Panic of 1907
A
Catalyst for the creation of the Federal Reserve.
6
Q
Adoption of Fiat Currency in Canada (1931)
A
Enabled recovery from the Great Depression.
